Tishman Speyer to Buy the ‘Lipstick Building’

Tishman Speyer Properties has contracted to buy 885 Third Avenue, the midtown office tower known as the "Lipstick Building." The building is being purchased through a partnership of Tishman and the New York City Employees Retirement System (NYCERS).

In fact, the Post reports that bidders were asked for $250,000 just to see the property’s prospectus. If they wanted to actually submit an offer, the owners demanded $4 million.

The oval-shaped building resembles a tube of lipstick — in this case, a 34-story tube with more than 500,000 sq. ft. of office space.

"This is a fantastic building in a prime location. We have great faith both in New York and in the tremendous value of this superb iconic property," said Rob Speyer, senior managing director and son of founder/CEO Jerry Speyer, in a statement.